SAT upholds SEBI order against PACL Ltd

The  Securities Appellate Tribunal on Wednesday upheld a August 22, 2014, order of the Securities and Exchange Board of India directing PACL Ltd, erstwhile Pearl Agrotech Corporation, and its promoters to refund over Rs 44,376 crore that it collected from 5.85 crore investors through collective investment schemes (CIS).In 1997, the SEBI alleged that the company was running a CIS without any approval or permission. Subsequently, the case was registered against PACL, promoters and directors...

Bank of Rajasthan & ICICI Bank merger: PIL filed in SC urging SEBI to be made accountable; says unfair gains made by promoters of Bank of Rajasthan were not quantified

A Supreme Court Bench comprising of Chief Justice H.L. Dattu and Justice A.K. Misra today ordered tagging of a PIL with a pending case seeking a CBI investigation into SEBI’s decision to allow promoters of Bank of Rajasthan to sell their shares after its amalgamation with the ICICI bank in 2010.The plea, filed through Advocate Prashant Bhushan was admitted after Bhushan told the Court that a similar issue was pending adjudication in the Supreme Court.The Petition, filed by Mr. Arun Kumar Agrawal...

SEBI bars DLF from entering Securities Market

Realty major DLF and six senior executives are barred from entering the securities market and from buying or selling securities for three years after finding that the company didn’t adequately disclose information to investors before its 2007 initial public offering.In a 43-page order published on Monday, SEBI said DLF, its billionaire founder and chairman Kushal Pal Singh and five other company executives would be barred from "buying, selling or otherwise dealing in securities".The ban, a blow...

No Respite for Sahara Honcho: Apex Court Rejects Subrato Roy's Bail Plea

The Supreme Court on Monday refused to grant bail to the Chief of Sahara Group, Shri Subroto Roy Sahara, and held that it will facilitate negotiations for Sahara to sell properties in India and abroad. Mr. Roy had prayed for release for a period of 40 days in order to finalize the sale of three overseas hotels owned by the Sahara Group. The Court nonetheless, allowed Mr. Roy to negotiate his business deals from a guest house in Delhi between 10 a.m. and 4 p.m. on the days it was required,...

SC Urges SEBI to place Safeguards Verifying Sahara Sale Transactions; Income Tax Department Approaches SC demanding 4,800-crore from Sahara

The Supreme Court bench comprising of Justice T.S. Thakur, Justice Anil Dave and Justice A.K. Sikri today said that the court needs to monitor the sale transactions being undertaken by Sahara to prevent any mischief. The judges added that since they have no expertise in the field, experts should be employed by SEBI in order to scrutinize all dealings. SEBI was also urged to put safeguards into place to maintain transparency in the sale proceeds.Sahara seems to be in trouble again, with the...

Sahara tells Supreme Court: 3,117-Crore Deposited with SEBI

According to an affidavit filed by the Sahara counsel, Keshav Mohan in the Supreme Court, the Sahara Group has already deposited Rs. 3,117-crore with SEBI, ensuring the Court about its efforts to raise the remaining sum, to furnish the Rs. 5,000-crore bail bond for the release of its chief, Subrata Roy. The group also presented bank communication relating to transfer of the monies to the SEBI-Sahara account as an evidence of actual payments being made by Sahara.This development comes close to...

SEBI v Sahara: Subarata Roy's bail Plea Rejected Again; Matter referred to a Three-Judge Bench[Read the Judgment]

A Supreme Court Bench comprising of Justice T.S. Thakur and Justice A.K. Sikri today dismissed Sahara Chief Subrata Roy's plea for his transfer to house arrest. The court however, modified the order restricting sale of property, to raise the amount for his interim bail.The Bench further referred the proceedings to a larger three-judge to be constituted by the Chief Justice of India, keeping in view the importance of the issues that fall for determination in these proceedings and the...

SC signals for the sale or transfer of property owned by the Sahara group

In a fresh proposal filed by Sahara group chief Subrata Roy, the Supreme Court on Thursday allowed to lift the ban on the sale or transfer of property owned by the Sahara group. The court under an earlier order froze the assets. This unfreezing would help Sahara to comply with the Rs. 10,000-crore bail condition. Earlier the apex court ruled that 10,000-crore should be furnished as Rs. 5,000 crore in cash and Rs. 5,000 crore through bank guarantee. Read Live Law story hereThe Sahara group has...

Ordinance to amend TRAI Act to Appoint Nripendra Misra as PM's Principal Secretary [Read the Amendment]

The Union Government has promulgated an ordinance, making amendment to the TRAI Act, 1997, so as to facilitate the appointment of former TRAI Chairman and senior bureaucrat Nripendra Misra as the Principal Secretary to Prime Minister Narendra Modi. This Act forbade its Chairman and members from taking up any job in the Central or State Governments after leaving Office. This appointment will be of the same term as of the Prime Minister or till supplementary commands are ordered by the Ministry of...

New Bench of the Supreme Court turns down Sahara Chief Subrata Roy’s bail plea

Sahara Chief, Subrata Roy continues to be dejected. The new Bench, comprising of Justice T S Thakur and Justice A K Sikri, also turned down Subrata Roy’s plea for discharge from judicial custody. He has been in judicial custody since March 4 for non-refund of over Rs 20,000-crore to depositors. He was asked to deposit Rs 10,000-crore bail. His lawyers reportedly sought 60 days time out to arrange for the amount directed by the Court because until he gets out of prison, he won’t be able to sell...

New Bench for Sahara Case; Justices T S Thakur and A K Sikri will hear the case on 19th May

A new Bench has reportedly been constituted by the Supreme Court, in order to look into the Sahara Case. The matter will be taken on May 19th by this Bench, which comprises of Justices T S Thakur and A K Sikri.A Bench comprising of Justice K.S. Radhakrishnan and Justice Khehar was earlier in charge of the matter. However, Justice Khehar recently opted out of the case, notifying the Supreme Court registry that in future, no matter with regard to the Sahara Group Company should be placed before a...

Supreme Court rejects Subrata Roy's plea against his detention [Read the Judgment]

Supreme Court today rejected the plea by Sahara chief Subrata Roy challenging its March 4 order detaining him for not complying with the order to return investors money by routing it through SEBI.Subrata Roy filed a Writ Petition (WP (Crl) NO. 57 OF 2014) praying for a declaration that the order dated 4.3.2014 as null and void and for his release from the Judicial Custody. Bench Comprising of Justice K.S. Radhakrishnan and Justice J.S. Khehar found no merit and dismissed the petition.Roy and two...